Jan 11, 2023 - Business

Nashville home sales slid in 2022

Illustration of a downward trend line over a house

Illustration: Rebecca Zisser/Axios

Home sales in the region fell 15% in 2022 compared to the previous year, according to new data released this week.

  • Greater Nashville Realtors, which collects data from nine Middle Tennessee counties, reported 39,831 homes sold in 2022.
  • The group reported a steeper drop in the fourth quarter, when sales were down 36% year-over-year.

Why it matters: The data shows the housing market continuing to soften after a white-hot period in 2021 and early 2022.

By the numbers: Prices continued to rise year-over-year. The median price for a single-family home in December was $470,000, up from $437,362 in December 2021.

  • The median price of condos sat at $352,000, up from $298,918 in the same timeframe.

What we're watching: "2023 will likely bring great opportunities for buyers with rising inventories and longer days on market," Brad Copeland, Greater Nashville Realtors president, said in a statement.

  • "Sellers should be prepared to have their properties in great condition prior to hitting the market."
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